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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities      
Net income $ 351,031 $ 642,075 $ 344,215
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 80,304 66,418 51,981
Equity-based compensation 33,847 47,936 20,661
Loss on lease termination 1,614 2,211 4,547
Loss on debt restructure 0 1,390 0
Long-lived asset impairment 4,231 3,044 12,353
Loss (gain) on sale or disposal of assets 622 (576) 1,332
Provision for losses on accounts receivable 669 1,610 1,068
Non-cash lease expense 59,647 60,519 57,536
Accretion of original debt issuance discount 2,602 1,330 1,079
Non-cash interest 2,077 2,513 4,306
Deferred income taxes 43,301 (5,890) 6,606
Tax Receivable Agreement liability adjustment (114) 2,813 (141)
Change in assets and liabilities, net of acquisitions:      
Receivables and contracts in transit (4,111) (28,797) (2,777)
Inventories (254,319) (629,830) 239,334
Prepaid expenses and other assets (5,104) (4,676) (3,016)
Accounts payable and other accrued expenses (42,303) 52,694 39,846
Payment pursuant to Tax Receivable Agreement (11,322) (8,089) (6,563)
Deferred revenue 1,451 14,761 4,560
Operating lease liabilities (67,097) (63,462) (68,951)
CARES Act deferral of payroll taxes (14,706) (14,616) 29,231
Other, net 7,463 10,626 10,462
Net cash provided by operating activities 189,783 154,004 747,669
Investing activities      
Purchases of property and equipment (154,926) (118,657) (31,845)
Proceeds from sale of property and equipment 1,623 2,199 1,751
Purchase of real property (55,666) (129,154) (53,078)
Proceeds from the sale of real property 7,352 3,635 7,484
Purchases of businesses, net of cash acquired (217,034) (100,117) (47,571)
Purchase of other investments (3,000) (7,983) 0
Purchase of equity securities 0 0 (2,500)
Purchases of intangible assets (884) (5,695) (176)
Net cash used in investing activities (422,535) (355,772) (125,935)
Financing activities      
Proceeds from long-term debt 127,759 430,698 0
Payments on long-term debt (12,322) (177,948) (36,792)
Net proceeds (payments) on notes payable - floor plan, net 314,061 487,946 (324,485)
Borrowings on revolving line of credit 0 20,000 0
Payments on revolving line of credit 0 (20,000) (20,000)
Proceeds from landlord funded construction on finance leases 6,028 0 0
Payments on finance leases (5,977) (2,871) (2,278)
Proceeds from sale-leaseback arrangement 27,951 0 0
Payments on sale-leaseback arrangement (132) 0 0
Payment of debt issuance costs (3,181) (1,925) 0
Dividends on Class A common stock (105,387) (67,176) (61,025)
Proceeds from exercise of stock options 541 4,111 4,635
RSU shares withheld for tax (11,128) (12,089) (4,742)
Stock award shares withheld for tax 0 (7,727) 0
Repurchases of Class A common stock to treasury stock (79,757) (156,256) (21,522)
Disgorgement of short-swing profits by Section 16 officer 58 0 0
Distributions to holders of LLC common units (162,963) (193,735) (136,974)
Net cash provided by (used in) financing activities 95,551 303,028 (603,183)
(Decrease) increase in cash and cash equivalents (137,201) 101,260 18,551
Cash and cash equivalents at beginning of the period 267,332 166,072 147,521
Cash and cash equivalents at end of the period $ 130,131 $ 267,332 $ 166,072